09-18-2009, 01:31 AM
$9k/mo gross means the building should be worth somewhere between $800k and $1.5M.
Landlording is definitely not for everyone. You have to have a fairly thick skin and be able to roll with the punches as you can get a lot of problems over short periods. If you have to pay a management company, you'll never make any money. It's also not something I'd advise doing if you depend on the rental income to pay the mortgage. All it takes is one tenant who "knows" his rights and how vulnerable you are and you're pretty much screwed. Most successful landlords are already financially independent when they start buying buildings.
Landlording is definitely not for everyone. You have to have a fairly thick skin and be able to roll with the punches as you can get a lot of problems over short periods. If you have to pay a management company, you'll never make any money. It's also not something I'd advise doing if you depend on the rental income to pay the mortgage. All it takes is one tenant who "knows" his rights and how vulnerable you are and you're pretty much screwed. Most successful landlords are already financially independent when they start buying buildings.